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Energy market newcomer Octopus Energy will grow its accounts base by 100,000 at a stroke by picking up the customers left in limbo after the collapse of Iresa Energy.

The energy regulator was forced to step in to find a new energy supplier for the customers left stranded after Britain’s cheapest energy company buckled under the pressure of rising energy supply costs last week.

The collapse marked the end of a lengthy, public battle between Britain’s most complained about energy company and the regulator over its poor customer service and billing problems.

Ofgem said it ran a competitive tender process to pick the new supplier, and agreed to place the block of customers onto the ‘Flexible Octopus’...